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Oil market shrugs off Iran crisis, giving Trump free hand

Increase in global production leaves prices less vulnerable to events

With a glut in supply as well as a diversification of energy sources, including the U.S. shale gas boom, the world is becoming less reliance on Middle East oil.

TOKYO -- When U.S. President Donald Trump made a televised address about the confrontation with Iran at the White House on Wednesday, he talked about a new reality in geopolitics.

"America has achieved energy independence," he said. "We are now the number-one producer of oil and natural gas anywhere in the world. We are independent, and we do not need Middle East oil."

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